This is the blog of David M. Raab, marketing technology consultant and analyst. Mr. Raab is Principal at Raab Associates Inc. The blog is named for the Customer Experience Matrix, a tool to visualize marketing and operational interactions between a company and its customers.

Wednesday, August 24, 2016

My last post used data from our new Guide to ABM Vendors to describe differentiators among companies that provide external data for account based marketing. Let’s continue the series by looking at differentiators related to Target Scoring, the second sub-function related to the ABM process of identifying target accounts.

ABM Process

System Function

Sub-Function

Number of
Vendors

Identify Target Accounts

Assemble Data

External Data

28

Select Targets

Target Scoring

15

Plan Interactions

Assemble Messages

Customized Messages

6

Select Messages

State-Based Flows

10

Execute Interactions

Deliver Messages

Execution

19

Analyze Results

Reporting

Result Analysis

16

While External Data is one of the broadest sub-functions described in the Guide, Target Scoring is one of the narrowest. Target Scoring isn’t just any use of predictive analytics, which can also include things like finding surges in content consumption (used to identify intent) or recommending the best content to send an individual. As the Guide defines it:

Vendors in this category use statistical techniques to select target accounts. The models most often predict whether an account will make a purchase, but sometimes predict events such as renewing a contract or becoming an opportunity in the sales pipeline. Scores can be built for individuals as well as accounts, although account scores are most important for ABM. Many scoring vendors gather external data from public or commercial sources (or both) to gain more inputs for their models. They may or may not share this data with their clients, and they may or may not provide net new records. Target scoring is more than tracking intent surges, which do not capture other factors that contribute to likelihood of purchase.

Even though target selection is obviously a core ABM process, target scoring is distinctly optional. Most firms already have target account lists that were built by sales teams based on their own marketing knowledge. An ABM program can easily get started using that list. Chances are, though, that target scoring will find some high-potential accounts that aren't on the old list and find some low-potential accounts that are on the old list but shouldn't be. Scoring can also do a better job of prioritizing accounts within the list, often by incorporating event and intent information to uncover opportunities that would otherwise remain hidden. So although account scoring may not be the first thing you do when setting up your ABM program, it is something to consider adding as you move along the ABM path.